TechFlow reported on March 26 that, according to QCP's analysis, risk assets continued to rise as market volatility further declined. The S&P 500 has reclaimed the 5800 level, rebounding 5% from its two-week low. Bitcoin has risen 15% since briefly dipping below $77,000 last week, with altcoins outperforming Bitcoin over the same period.
QCP views this equity rally as a tactical rebound driven by asset managers reallocating into risk assets, rather than stemming from any shift in macro fundamentals.
Uncertainty surrounding U.S. trade policy and the broader political landscape remains a key market focus. Trump has hinted at additional tariff measures ahead of the April 2 deadline. However, markets still lack clarity on the scope, timing, and magnitude of these potential actions. Until then, QCP expects markets to remain range-bound.
In the digital asset space, QCP believes Bitcoin has room for near-term tactical outperformance. Notably, GameStop has added Bitcoin to its balance sheet—an uncommon move. While not the first instance of corporate crypto adoption, GameStop’s status as a "meme stock" could reignite retail investor speculation. As the 2021 market cycle reminded us, coordinated retail capital flows have the potential to challenge institutional positioning.
